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AG 1997 07 21
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AG 1997 07 21
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Last modified
3/25/2002 6:29:29 PM
Creation date
11/27/2017 11:54:02 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/21/1997
Board
Board of Commissioners
Meeting Type
Regular
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III. PROJECT QUALIFICATIONS <br /> <br />To be considered eligible for a industrial development incentive grant a project should be <br />required to meet certain basic criteria. These criteria are to be used as guidelinesin project <br />evaluations. Additional criteria may be applied to a specific project based upon the terms of the <br />agreement between the industrial client and county (cities/towns as applicable). <br /> <br />minimum value project to qualify for consideration: <br />Level I grant - $ $,000,000 or greater <br />Level II grant - 5; 20,000,000 or greater <br />Level III grant - 5; I00,000,000 or greater <br /> <br />Level I grant - up to 75% of local property taxes to'be paid__by the new or expanding <br />industry for a period of five consecutive tax years <br /> <br />Level Il grant - up to 80% of local property taxes to be paid by the new or expanding <br />industry for a period of' five consecutive tax years <br /> <br />Level III grant - up to 85% of local property taxes to be paid by the new or expanding <br />industry, for a period of five consecutive tax years <br /> <br />Under no circumstances would any new or expanding industry receive an industrial <br />development incentive grant that lowered the net tax payments paid to the county <br />(cities/towns as applicable) to a level less than the local property taxes paid in a prior year <br /> <br />All industrial development incentive grants are to be specifically designed to be paid from <br />the tax payments actually made by the industry receiving the benefit. Grant payments <br />witt not be made unless the applicable industry is current in all other required local <br />property tax payments of record within Cabarrus County. <br /> <br />Industrial development incentive grant benefits may not be transferred or otherwise <br />conveyed to another party without the specific consent of the Board of County <br />Commissioners <br /> <br />Cities/to~,,'ns must agree to abide by the te.ns of this proposal for it to be applied to sites <br />within the cities/tot,ns or on a site subject to annexation. The industrial development <br />incentive grant formula applied to a project within one of the county's cities/towns will <br />be applied at the same level as authorized by the Board of County Commissioners. <br /> <br />ALL INDUSTRIAL DEVELOPMENT INCENTIVE GRANTS WILL BE <br />CONVEYED BY A FORMAL AGREEMENT BETWEEN THE INDUSTRY <br />RECEIVING THE GRANT AND THE COUNTY ALONG WITH AFFECTED <br />CITIES AND TOWNS AS APPROPRIATE. <br /> <br /> <br />
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